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113 2nd St NE 8 Unit Apartment Building $666,088 CAD ($83,261 CAD/Unit) 7.93% Cap Rate Mitchellville, IA 50169
Investment Highlights
- GROSS MONTHLY RENT: $5880/Mo
- NEW BOILER (2025)
- AVG RENT - $735
Executive Summary
Well Maintained 8-Plex - Day 1 Cashflow + Clear path to further NOI growth
Stanbrough Realty is pleased to offer 113 2nd St NE, Mitchellville, IA to both local and regional investors. The property is currently 100% occupied and consists of eight (8) 2BR/1BA units, ideally positioned on the corner of 2nd & Park Ave directly across from the Mitchellville Community Center. 113 2nd St NE has been well maintained and professionally managed throughout ownership, featuring clean common areas, a private parking lot, and a brand-new boiler system installed in 2025. While units retain original cabinetry, turnovers during current ownership have included upgrades such as LVP flooring, new carpet, and fresh paint, supporting overall unit quality and tenant appeal. The Mitchellville submarket is characterized by limited multifamily supply, consistent workforce-driven demand, and strong connectivity to the Des Moines metro, supporting durable occupancy fundamentals. Historically, the property has maintained near-full occupancy with minimal downtime between leases, reflecting stable tenant demand and efficient turnover.
Investment highlights
Quiet & clean 8-Plex that features clean common areas and ideal tenant profile.
GROSS MONTHLY RENT: $5880/Mo
2BR/1BA Units (710 SF)
AVG RENT - $735
Market Rent - $810
Owner Utilities - Heat, Water, Common Area Electric
Recent 2025 Capital Expenditures Include; Boiler System Replacement (2025) & Parking Lot Seal (2025)
5/8 units reside MTM allowing a new investor to raise rents/implement RUBS at acquisition.
Stanbrough Realty is pleased to offer 113 2nd St NE, Mitchellville, IA to both local and regional investors. The property is currently 100% occupied and consists of eight (8) 2BR/1BA units, ideally positioned on the corner of 2nd & Park Ave directly across from the Mitchellville Community Center. 113 2nd St NE has been well maintained and professionally managed throughout ownership, featuring clean common areas, a private parking lot, and a brand-new boiler system installed in 2025. While units retain original cabinetry, turnovers during current ownership have included upgrades such as LVP flooring, new carpet, and fresh paint, supporting overall unit quality and tenant appeal. The Mitchellville submarket is characterized by limited multifamily supply, consistent workforce-driven demand, and strong connectivity to the Des Moines metro, supporting durable occupancy fundamentals. Historically, the property has maintained near-full occupancy with minimal downtime between leases, reflecting stable tenant demand and efficient turnover.
Investment highlights
Quiet & clean 8-Plex that features clean common areas and ideal tenant profile.
GROSS MONTHLY RENT: $5880/Mo
2BR/1BA Units (710 SF)
AVG RENT - $735
Market Rent - $810
Owner Utilities - Heat, Water, Common Area Electric
Recent 2025 Capital Expenditures Include; Boiler System Replacement (2025) & Parking Lot Seal (2025)
5/8 units reside MTM allowing a new investor to raise rents/implement RUBS at acquisition.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $666,088 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $83,261 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 7.93% | Building Size | 5,984 SF |
| Gross Rent Multiplier | 6.78 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | ||
| Zoning | R-3 | ||
| Price | $666,088 CAD |
| Price Per Unit | $83,261 CAD |
| Sale Type | Investment |
| Cap Rate | 7.93% |
| Gross Rent Multiplier | 6.78 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 5,984 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1972 |
| Zoning | R-3 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | - | 700 |
1 1
Somewhat walkable
20/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 141-00059000000 | Improvements Assessment | $733,809 CAD |
| Land Assessment | $32,401 CAD | Total Assessment | $766,210 CAD |
Property Taxes
Parcel Number
141-00059000000
Land Assessment
$32,401 CAD
Improvements Assessment
$733,809 CAD
Total Assessment
$766,210 CAD
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113 2nd St NE
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